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HOW CAN YOU MANAGE YOUR LOAN DEBTS EASILY?


In recent times, Indian economy has witnesses a significant change in aspect of credit opportunities which has resulted into a change in patterns of consumption as well as the way individuals view credit. As per reports, country’s economy is watching a significant increase with approximately 20 million people who "Apply For Loan" every month. However, credit can provide you the potential to deal with your financial crisis but it can also let you enter in cycle of debt trap. 

In this article, we have come up with some simple steps that can help you to manage your loans easily and smartly:

  • Prioritize the debt: The key to getting rid of debt is to paying it off smartly. Arrange your loan depending upon the interest rate ranging from highest to lowest and stick to it in a strict manner. Paying off the high interest loans will help you to reduce your loan cost and debt burden. However paying off your expensive loans can shed off your burden but do not miss out the repayments of other loans.
  • Increase your installment with increased earnings: If you get any increment, bonus or secondary source of earning that increases your monthly income then it will be good decision to repay your loans fast by increasing the value of your EMIs. You would be surprised that a small increase in the monthly installment helps in reducing the payable loan amount which in turn helps in closing the loan years earlier than previously planned.
  • Consolidate the multiple loans: If you are paying the multiple loans at same time then you can opt for a Personal loan to consolidate your multiple loans into one loan at lower rate of interest. Tracking one loan instead of multiple loans would be a cherry on the cake for you. ShubhBank offers online lending portal where you can "Apply For Loan Online" to get maximum amount according to your eligibility at lower interest rate for debt consolidation.
  • Make timely payments: Always stick to your timely loan repayments, if requires set an automate payments as it will not only help in decreasing your payable amount but also helps in reducing payable interest. Make sure to pay the EMI of loan or outstanding dues of your credit bills on time because a minimum amount of dues start accumulating the interest on remaining amount, especially in the terms of credit cards.
  • Do purchase insurance: It would be good to purchase an insurance policy to secure you and your family’s future on happening of any unfortunate events. A term insurance would be promising to fulfill your daily expenses and your other financial goals are not be disturbed. However, a health insurance policy for your family members would be a savior in medical emergencies as it helps you to get timely medical treatment.

Hence, a smart planning with responsibility will ensure you to enjoy the benefits of credit cards and a stress free loan journey so that a debt burden cannot create a wreak havoc in your beautiful life.


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